Reports

US stock market, economy and companies update (February 03, 2012)

The January US jobs report is driving equity market gains this morning. The big increases in non-farm and private payrolls are a welcome sign that the US economic recovery is continuing, meanwhile the unemployment rate, at 8.3%, is at its lowest point since early 2009. The skeptics have tried to find the wrinkles in the reports, and apparently the only sour note is a 30-year low in the labor force participation rate, although analysts are debating whether this is due to the long-term unemployed or rather baby boomer retirees beginning to leave the workforce.

European stock market, economy and companies update (February 03, 2012)

European shares rose ahead of the US nonfarm payrolls data due out during the NY morning. While macroeconomic data from both sides of the Atlantic have been strong, further stalling of the Greek PSI deal talks may push the market lower. China Premier Wen reiterated its stance to cooperate with Europe to deal with the crisis but dids not have the ability or intention to 'buy Europe'. IMF Dep Manager Shinohara commented that the IMF might need $2T to handle the global issues at hand with a general consensus in G20 on extra IMF money but was too early to say how much each nation would contribute.

Asian stock market, economy and companies update (February 03, 2012)

Markets were weaker for most of the day ahead of key US non-farm payroll numbers, continued lethargic debt swap talks in Greece. Singapore was the exception, it stayed in positive territory for the majority of the session, however as the European open got closer trading turned around in Taiwan, Shanghai and Hong Kong. Japan earnings season treks on with most companies showing disappointing results putting an overall damper on the market. Major names Honda and Softbank both fell over 1% in the day after weaker earnings and outlook.

Russian stock market daily morning report (February 03, 2012, Friday)

Unsolved Greek problem will continue pressuring the markets. Since morning slight upping of oil quotes is compensated by light correction on American futures, which provides for sideways motion at the Russian market in the first half of the day today. In the evening the attention of the investors will belong to the output of data on the U.S. labor market, expectations on it are conservative and possibility of the negative surprise is rather high.

Indian stock market daily morning report (February 03, 2012, Friday)

Indian markets continued its winning streak and rose yesterday to their highest close in nearly three months after an eventful day as the Supreme Court of India cancelled 122 licenses issues after 2008 and strong manufacturing data in India and other major economies despite European markets showed dull opening on sharp decline in Deutsche Bank's profits. The Supreme Court decided to cancel all the licences given to the telecom firms involved during the 2G spectrum allocation after January 2008. Total of 122 licences were issued after that period. Also, the Supreme Court has dismissed petition to probe Home MInister P Chidambaram's role in the 2G case. The matter has been referred to the trial court which will rule on the case on Saturday. Supreme Court also directed the TRAI to come up with fresh guidelines on the grant of new licenses within 2 months and Government to take decision one month after submission of the recommendation. The upward movement was mainly led by gain in IT, metal, capital goods, and real estate stocks while pharma, consumer durable and FMCG stocks witnessed some selling pressure. Largest operator Bharti Airtel jumped 6.8%, its biggest percentage gain in almost 19 months, on expectations it would be a beneficiary of the ruling, while Reliance Communications and Unitech, the Indian partner of Norway's Telenor, fell 3.7% and 6.9%, respectively. Export-driven software companies rose on hopes that strong manufacturing growth in the key U.S. market may encourage higher technology spending.

Malaysia stock market and companies daily report (February 03, 2012)

Malaysia Building Society’s (MBS) FY11 profit before taxation and zakat doubled to RM428.2 million from RM207.4 million in FY10 mainly due to strong retail loan growth. Muhibbah Engineering (ME), a company whose core business is in marine construction, saw its shares surged 13.7%, or 17 sen, to RM1.41 yesterday on renewed hopes that the construction firm will stand a better chance to evade a RM300 million write-off from its works in the troubled Asia Petroleum Hub (APH) in Johor. According to AirAsia group chief executive officer Tan Sri Tony Fernandes, the recent lawsuit filed by the Australian Competition and Consumer Commission (ACCC) against AirAsia X in Australia will not have an impact on its sales.

Indian stock market and companies daily report (February 03, 2012, Friday)

The domestic markets are expected to open flat tracking mixed cues from the global markets. Asian shares were trading lower on increased loss forecasts by Asian companies as Europe’s debt crisis weighed on global sales. The US markets remained subdued even as the weekly jobless claims report showed that claims fell by more than anticipated in the week ended January 28th as investors preferred to wait for the more definite monthly employment report from the Labor Department due to be released today.

Singapore stock market and companies daily report (Singapore Airlines, StarHub, GLP) (February 03, 2012)

Persistently high jet fuel prices have eaten into Singapore Airlines’ (SIA) 3Q12 profit as the national carrier registered a 53% slump in earnings figures. StarHub recorded steady growth in most of its business segments as earnings for FY11 grew to $315.5m, up 19.9% from FY10. Global Logistics Properties (GLP) plans to commence developing a 79,023 square metre facility in Okayama, Japan in June this year.

Australian stock market and companies daily report (February 03, 2012)

The Dow industrials finished in the red for the fifth time in six sessions, as a mixed earnings curbed sentiment ahead of Friday's key reading on jobs and unemployment. The Dow Jones Industrial Average edged lower by 11.12 points, or 0.1%, to 12,705.34. The Standard & Poor's 500-stock index rose 1.45 points, or 0.1%, to 1,325.54, and the technology-oriented Nasdaq Composite edged up 11.41 points, or 0.4%, to 2,859.68. The Nasdaq is up 9.8% this year. An early reading on Thursday showed initial unemployment claims decreased by 12,000, to 367,000, last week, slightly better than expectations.

US stock market daily report (February 02, 2012, Thursday)

The insider trading bill for lawmakers is something everyone should be calling your state representatives about - its common sense that insider trading should be banned for everyone, regardless of your job, title or government position. Just because you are a lawmaker or a staffer, you should be held accountable for laws upheld for Main Street Americans. Send a letter, email or make a call to your state leaders to pressure the passing of this law!

US stock market, economy and companies update (February 02, 2012)

The market sentiment is one of very cautious optimism this morning, thanks to some solid US data and a few strong US earnings reports. The January Empire Manufacturing index was very strong, with excellent showings in the new orders and employment components. Initial jobless claims extended their gradual downtrend, boosting optimism about tomorrow's January non-farm payroll report. January same-store sales were decent, with a few exceptions.

European stock market, economy and companies update (February 02, 2012)

European shares erased gains during the session after drop in oil -related names offset the rally following merger talks between Xstrata and Glencore. Xstrata [XTA.UK] rallied over 12% after confirming that Glencore made an approach for a merger of equals. Glencore already owns 34% of Xstrata shares. However, overall earnings for European companies were disappointing. Among notable names, Shell [RSDA.NL] declined after missing its net adjusted profit.

Indian stock market daily closing report (February 02, 2012)

Indian markets ended up more than 0.50% in today’s trading session. The markets become volatile in late morning trade after the news that the Supreme Court has cancelled licenses given to the telecom firms on or post January 2008, which were involved in 2G spectrum allocation scam. Bharti Airtel was the top gainer today which gained almost 7%, on the expectation of getting more spectrums after Supreme Court verdict today. BSE Teck index was the top gainer today led by Hexaware & Bharti Airtel.

Russian stock market daily morning report (February 02, 2012, Thursday)

Today market will unlikely show significant growth. RTS index reached the psychologically important level of 1,600 points and it is likely to be broken, but further growth might face resistance on behalf of the bears – market grew since the beginning of the year and profit fixation is possible. Besides, the market reached an important technical level of 1,640 points on the RTS index, and a lot more optimism would be required to overcome it than the one we currently have.

Asian stock market, economy and companies update (February 02, 2012)

Markets were well into positive territory today on the back of stronger manufacturing numbers out of Europe and the US overnight, giving some confidence to the markets that the global economy is on an upward trend. Talks in Greece soldiered on with no solution announced, though EU speakers reiterated that Greece is "very close" to reaching a deal with private bond holders. With the return of some risk appetite silver and copper futures both fell, S$ hit a 3-month high against the USD, Taiwan dollar and the Philippines peso also gained against the greenback.

Indian stock market daily morning report (February 02, 2012, Thursday)

Indian markets recovered in late trade yesterday to post its highest close in 12 weeks after manufacturing data in Europe built confidence among the global investors. India's manufacturing sector grew at its fastest pace in eight months in January as factory output surged the most on record on increased domestic and foreign demand also led the markets to recover from early loss. The HSBC manufacturing purchasing managers’ index (PMI), compiled by Markit, jumped to 57.5 from 54.2 in December. The upward movement was mainly led by gain in metal, capital goods, auto and power stocks while consumer durable, PSU, IT and FMCG stocks witnessed some selling pressure. Auto stocks gained on better-than-expected January sales, with Maruti Suzuki gained 2.4% to its highest close in five and a half months after it reported its first monthly sales rise since May last year. Tata Motors gained 1.9% after it reported January sales rose 16%. M&M, which posted a 22% rise in January sales, ended 2.2% higher. ICICI Bank fell 1.4% after surging nearly 6% in the previous session, while top mortgage lender HDFC fell 1.3% after private-equity firm Carlyle Group said to have sold a quarter of its stake in the company. Top steelmaker Tata Steel jumped 4.5%, while Jindal Steel & Power surged 6.3%, leading a rally in metal stocks after news that the factory sector in China, a key consumer of natural resources from oil to metals, unexpectedly expanded slightly in January.

Indian stock market and companies daily report (February 02, 2012, Thursday)

The domestic markets are expected to open in the green tracking upbeat economic data releases from around the world. The US markets closed higher as traders reacted positively to the latest batch of economic data. The strength on Wall Street was partly due to the release of a report from payroll processor ADP showing a continued increase in private sector employment in the month of January. A separate report from the Institute for Supply Management showing a continued expansion in manufacturing activity in the month of January also generated buying interest, with the index of activity in the sector reaching a seven-month high.

Singapore stock market and companies daily report (STATS ChipPAC, Mercator Lines) (February 02, 2012)

The latest Purchasing Managers’ Index released by the Singapore Institute of Purchasing & Materials Management (SIPMM) on 1 Febuary, pointed to a rosier picture for the local electronics sector. STATS ChipPAC plunged into the red as it suffered from a fall in gross margins as well as impairment losses arising from the Thai Floods last year. Mercator Lines (Singapore) (Mercator) registered a 77% slide in net profit for 3Q12 to US$1.17 million ($1.46 million).

Malaysia stock market and companies daily report (February 02, 2012)

Tenaga Nasional (TN) and Petroliam Nasional (Petronas) are investing RM2 billion in a 300 MW gas plant and liquefied natural gas (LNG) terminal in Sabah. The country’s biggest automotive company, DRB-HICOM saw its share price close at its highest level in nearly nine years at RM2.83 a share, after CIMB and RHB Research placed an outperform rating on the company, valuing the company at RM4.60 and RM3.45 respectively. MNC Wireless (MNCW) had recently announced that the group expects to be profitable in this current financial year, the first in six years.

Australian stock market and companies daily report (February 02, 2012)

US stocks moved to within striking distance of a multiyear high, buoyed by solid manufacturing reports around the globe. The Dow Jones Industrial Average climbed 83.55 points, or 0.66%, to 12716, a day after indexes notched their strongest January gains in more than a decade. The Dow was within 70 points of overtaking last year's peak, enough to put the blue-chip index at its highest level since May 2008. The Standard & Poor's 500-stock index rose 11.67 points, or 0.8%, to 1324, and the Nasdaq Composite advanced 34 points, or 1.2%, to 2848.

US stock market daily report (February 01, 2012, Wednesday)

Details of President Barack Obama’s State of the Union pledge to craft a plan with Congress to give homeowners a chance to refinance at historically low interest rates, was released by the White House on Wednesday. The move indicates the Obama administration rejected arguments that only time would heal the housing market. “Homeowners should not have to sit and wait for the market to hit bottom to get relief,” the White House said in a fact sheet. Many Americans with good credit and clean payment histories are rejected for refinancing because their mortgages are bigger than the current price of their homes, a term called being “underwater.” Even where Fannie Mae or Freddie Mac insure the new mortgages, banks are worried about being left taking losses. Obama said the new refinance program would result in “no more red tape, no more runaround from the banks,” in his speech to the nation and members of Congress last week. The new program will be focused on borrowers whose loans are not owned by Fannie Mae or Freddie Mac and will be operated through the Federal Housing Administration. Borrowers will need to be current on their loan for the past 6 months, have missed no more than one payment in the prior 6 months, and meet a minimum credit score of 580 to qualify. The loans cannot be larger than current FHA conforming loan limits that range as high as $729,750 in high cost areas. The White House said that 9 out of 10 borrowers have a credit score adequate to meet that requirement. The mortgages to be refinanced must be for a family’s owner-occupied principal residence and borrowers will not have to submit a new appraisal or tax return - a lender would only have to confirm that the borrower is employed. The cost of the program is estimated between $5 and $10 billion, to be paid for by a fee on large financial firms, the White House said however, Congressional Republicans have said they will oppose any such fee. Obama administration is additionally asking Congress to streamline refinancing to all borrowers with Fannie Mae and Freddie Mac loans. The White House expressed frustration with the Federal Housing Finance Agency — which at the moment is being run by an appointee of George W. Bush, Ed DeMarco. While the White House argues that the government-sponsored giants could have acted, “the GSE’s have not acted so the White House is calling on Congress to do what is in the taxpayer’s interest,” the statement said. The steps include eliminating appraisal costs for all borrowers, increasing competition so borrowers can get the best possible deal and extend streamlined refinancing for all GSE borrowers.

US stock market, economy and companies update (February 01, 2012)

January manufacturing data from China and the US continue to lift global equity markets this morning. Europe surged on the China PMI, and US market gains are being sustained by the ok showing in the ISM manufacturing report, including a nice showing in the prices paid component. The January ADP employment report begins the lead-up to Friday's January payrolls and employment reports. The report this morning was a bit weaker than expected, although the series is not considered terribly predictive. Crude continues its slide lower, with the front-month WTI contract only a bit above the $98 handle. The US long bond is down nearly a full point pushing its yield back up towards 3% today's better risk environment.

Russian stock market daily evening report (February 01, 2012, Wednesday)

Wednesday the markets were optimistic. Gradual progress towards the end of the story with the Greece’s debt is moving the markets up. As for the stats, the data on inflation in the Eurozone was output, but it was at the expected level, so they might be taken as neutral. The most demand was on the shares of Sberbank, and the oil sector.

Indian stock market daily closing report (February 01, 2012)

Today Indian markets pared all of its losses in noon trade to end in green. Positive opening of European Markets helped the Nifty to cross its 200 day moving average of 5205. Metal & Capital Goods stocks provided support to the index in today’s trading session. Auto stocks were among major gainers today on account of healthy auto sales number declared today, by the auto manufacturer for the month of January. M&M gained more than 2% today after declaring its highest ever monthly sales for January 2012.

European stock market, economy and companies update (February 01, 2012)

European shares rose on the session lifted by mining stocks which rallied after Chinese manufacturing rose to a 4-month high. In individual names, ICAP [IAP.UK] jumped over 8%, despite reporting a decline in revenues. However, the company expect pre-tax profits for the year to 31 March 2012 to be towards the upper end of the current analyst range of £336-358M. Infineon [IFX.DE] reported better than expected operating results and revenues but noted that Q2 sales are expected to be flat to down compared to Q1.

Russian stock market daily morning report (February 01, 2012, Wednesday)

During yesterday’s session the foreign background preserved positive after a successful end of the European Union summit. The RTS index added 2.05% and MICEX – 1.18%. The most interest of the Russian market participants was in the shares of power companies, metallurgy and bank sector. Yesterday IRNC, Bank Vozrozhdeniye, RusHydro and Mechel were among the growth leaders.

Asian stock market, economy and companies update (February 01, 2012)

Markets were oscillated between gains and losses, weaker earnings from the US as well as an unexpected drop in consumer confidence weighed on the markets. Mixed China Manufacturing PMI data added to the risk adverse attitude, though the slightly stronger reading form the official data of 50.5 in January gave some solace that there would not be a hard landing. China HSBC manufacturing PMI showed a contraction reading again, but at a slower pace. So far Japan 9-month results are showing general weakness as many exporters showing the impact of a period racked with natural disasters both domestically and abroad that impacted their supply chains.

Indian stock market daily morning report (February 01, 2012, Wednesday)

Indian markets rose sharply yesterday to recover almost all the losses made previous day, as investors cheer for the efforts of European leaders in resolving the debt issue and stronger than expected results of ICICI Bank. Few other developments also triggered the rally which include opening of the buyback offer of Reliance Industries, government decision over fund infusion in State Bank of India and RBI'S assurance over monetary policy easing by continuing open market operations.

Malaysia stock market and companies daily report (February 01, 2012)

Malaysia International Trade and Industry Minister Datuk Mustapa Mohamed and Australia Trade Minister Dr Craig Emerson had agreed that free trade agreement (FTA) talks are expected to be completed by March with May being offered as the date where the contract will be signed. China Stationary (CS), an integrated plastic stationary company, is preparing to list on Bursa Malaysia in its bid to raise RM85.5 million from its initial public offering (IPO). The funds raised from the IPO will allow CS to take upon expansionary measures for continuous growth.

Singapore stock market and companies daily report (SMRT, CDLHT) (February 01, 2012)

Singapore’s unemployment rate encouragingly fell to a 14-year low in 2011. Preliminary estimates show that total employment grew by 36,300 in 4Q11, bringing growth in the whole of 2011 to 121,300. This was higher than the gains of 115,000 in 2010. SMRT Corporation (SMRT)’s 3Q12 earnings fell 13.9% to $37 million despite a 10% jump in revenue to $268.2 million, mainly due to a 14.8% jump in repairs and maintenance costs as well as a 30.6% increase in electricity and diesel costs.

Indian stock market and companies daily report (Febrauary 01, 2012, Wednesday)

The domestic markets are expected to open in the green tracking positive developments in the European and the Asian markets. Asian stocks are trading positively, reversing earlier losses, after Chinese manufacturing index unexpectedly expanded and amid optimism about progress on the Greek debt deal. The US markets traded choppily as investors weighed optimism about the financial situation in Europe against a disappointing batch of U.S. economic data. The upward move in early trading on Wall Street came as traders reacted positively to the latest news out of Europe, including comments from Greek Prime Minister Lucas Papademos indicating that "significant progress" has been made in reaching a debt-swap agreement with bondholders. However, a disappointing housing report from Standard & Poor's showing a bigger than expected drop in U.S. home prices in the month of November limited the upside for the markets. Meanwhile Indian markets would keenly watch out for the imports and the exports figures due to be released today to get a clearer view on the fiscal situation that would pan out by the end of this fiscal year.

US stock market daily report (January 31, 2012, Tuesday)

Insider Trading is illegal in the United States but, of late, it has more publically been brought out that, the action is not so much illegal, for certain members of our government. The definition of Insider Trading is trading of a companies stock or other security by individuals with access to non-public information about the company. This news will certainly shock most Main Street Americans, to hear that after all these years, our government leaders have been allowed to profit in ways that send Main Street Americans - including Martha Stewart - to prison. Many government officials become aware of information regarding companies, well before the American public. These same trusted government officials take advantage of Insider Information and act, even if with the assistance of a third party, in a manner deemed 'illegal' by Main Street America. Illegal insider trading will raise the cost of capital for securities issuers, thus decreasing overall economic growth. In an effort to regain public trust, the Senate voted Monday to take up a bill that would prohibit members of Congress from trading stocks and other securities on the basis of confidential information they receive as lawmakers. The bill reads, “No member of Congress and no employee of Congress shall use any nonpublic information derived from the individual’s position as a member of Congress or employee of Congress, or gained from performance of the individual’s duties, for personal benefit.” While U.S. Federal Securities law does not explicitly exempt members of Congress, experts disagree on whether and when lawmakers may be found to have violated the law. The bill is meant to eliminate any ambiguity. The law additionally reads that lawmakers have “a duty arising from a relationship of trust and confidence” to Congress, the federal government and the citizens of the United States, a duty they clearly violate by trading on nonpublic information. The bill also requires members of Congress to disclose the purchase or sale of stocks, bonds, commodities futures and other forms of securities within 30 days of transactions.

Australian stock market and companies daily report (February 01, 2012)

A disappointing round of economic data weighed on US stocks on Tuesday, but major indexes still posted the largest January gains in 15 years. The Dow Jones Industrial Average declined 20.81 points, or 0.2%, to 12,632.91, punctuating the month's end with its first four-session losing streak since November. Nonetheless, the Dow's 3.4% rise in January was the biggest since 1997, and the Dow's 415 point gain in January was the most on record.

US stock market, economy and companies update (January 31, 2012)

European markets closed mostly in the green this morning even as the three leading US equity indices have swung from early gains right into the red in mid-morning trade. Early optimism grew out of headlines suggesting the Greek debt negotiations are going better than thought, plus no major upsets at the Eurogroup summit. Note that there were reports overnight in the FT that the next edition of the LTRO, scheduled for Feb 29th, could see twice the demand seen in December, setting up the possibility of a €1.0T auction and a return of worries about a European liquidity crunch.

Indian stock market daily closing report (January 31, 2012)

Indian markets bounced back in today�fs trade, gaining more than 2%, tracking positive global cues. The markets have reported highest ever monthly gains of 11% in the month of January since September 2010. ICICI bank gained around 6% today on account of better than expected (20.25% YoY) growth in its net profit at Rs 1,728 crore on improvement in non�]performing assets (NPAs). Due to less than expected Q3 result PNB was the only Bankex constituent to end in red today.

European stock market, economy and companies update (January 31, 2012)

EU's Juncker commented that there was no need for a special commissioner to monitor Greece and forecasted an agreement between Greece and private creditors possible by end of week and Monday 'at the latest' and heinsisted to Greek PM Papademos that PSI be settled asap. He added that Mersch was the best candidate for ECB executive board. China Premier Wen reiterated the view that China would fine tune its economic policy and step up credit support for the economy at a State Council meeting. He commented that it would promote reasonable decline in housing prices

Asian stock market, economy and companies update (January 31, 2012)

Markets were positive for most of the session but became more mixed heading into the European open. At the EU Summit Monday, more ground was made towards reaching a fiscal union. EU's Van Rompuy said today's meeting serves as stepping stone for talks in March and June; Fiscal accord to be signed at March summit. A meeting after the summit to talk about Greece was announced, EU's Juncker commented after the meeting saying there was no decision on Greece; Issue of Greek budget commissioner is off the table (was proposed over the weekend by Germany).

Indian stock market daily morning report (January 31, 2012, Tuesday)

Indian markets snapped six days winning streak and slumped more than 2% yesterday as the global sell-off on account of caution ahead of European Union Summit tempted investors to book profits. European markets were also down as worries about debt swap talks between Greece and its private creditors continued to weigh on investor sentiment before European Union summit about the region's debt crisis. Indian markets opened lower tracking weak Asian stocks after the US economy posted disappointing GDP numbers. All sectoral indices closed on negative note with capital goods, power, real estate and metal stocks were major losers. IT stocks turned negative after the rupee dropped sharply against dollar, as foreign investors sold equities on rising worries over Greek debt issue. Global sell-off pulled down the metal and mining stocks, led mostly by Sterlite Industries and Hindalco, lost 6% and 4.8%, respectively. Heavy equipment maker BHEL plunged over 10% as order inflows in the third quarter tuned negative after many years.

Indian stock market and companies daily report (January 31, 2012, Tuesday)

The markets are expected to open weak following negative cues from the Asian markets. US Stocks turned in a relatively lackluster performance on Friday as GDP growth came in at 2.8%, below investor’s expectations. Also Economists were disappointed that much of the GDP growth in the fourth quarter was due to a positive contribution from private inventory investment. The U.S. consumer sentiment result which was also released on Friday was better than expected, but failed to lighten the session's negative mood.

Singapore stock market and companies daily report (Olam International, Cerebos Pacific, Tiger Airways) (January 31, 2012)

Olam International (Olam) intends to acquire a 75% stake in Rusmolco, a Russian dairy farm player for US$75 million ($94.2 million). Rusmolco comprises nine livestock farms in seven areas of the Penza region in Russia, specializing in dairy husbandry and crop production. Cerebos Pacific (Cerebos) announced FY11 net profit of $100.1 million on a turnover of $977 million. Tiger Airways (Tiger) recorded a loss of $17.4 million for 3Q12, compared to a $22.5 million profit for 3Q11.